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enough time and unlimited visual aids, a human could express a preference (or
document IMAGES-004-HOUSE_OVERSIGHT_016837.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…the robot’s job is to maximize it. A simple example: Suppose that Harriet, the human, likes to collect paper clips and staples and her reward function depends on how many of each she has. More precisely, if she has p paper clips and s staples, her degree of happiness is Op + (1-...

enough time and unlimited visual aids, a human could express a preference (or
document IMAGES-003-HOUSE_OVERSIGHT_016254.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…the robot’s job is to maximize it. A simple example: Suppose that Harriet, the human, likes to collect paper clips and staples and her reward function depends on how many of each she has. More precisely, if she has p paper clips and s staples, her degree of happiness is Op + (1-...

National Pub date: February 19, 2019
document TEXT-001-HOUSE_OVERSIGHT_016804.txt Feb 19, 2019 House Oversight Committee — Epstein Estate Records (Nov 2025)

… the robot’s job is to maximize it. A simple example: Suppose that Harriet, the human, likes to collect paper clips and staples and her reward function depends on how many of each she has. More precisely, if she has p paper clips and s staples, her degree of happiness is θp + (1-...

CIO WM Global Investment Office
document TEXT-001-HOUSE_OVERSIGHT_025247.txt Oct 25, 2012 House Oversight Committee — Epstein Estate Records (Nov 2025)

…e in hedged terms (excl. currencies) overweight Global equity sectors – Key points • We keep our overweight in Consumer Staples. Among the defensives it offers good earnings growth prospects due to its geographically diversified revenue generation. • We reiterate our preference f...

European Equity Strategy
document TEXT-001-HOUSE_OVERSIGHT_014460.txt Dec 1, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

…age (SD) Source: Re BofA Merrill Lynch Global Research, Bloomberg place this text Chart 6: Rapid relative de-rating for Staples – relative PE for Food & Beverage still 6-10% above 2010 / 2014 levels 1.70 -1 1.60 1.50 1.40 1.30 1.20 PE-relative FOOD & BEV 1.10 German 10y (RHS, inv...

Tax reform screens
document IMAGES-007-HOUSE_OVERSIGHT_023087.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…ies 0% 394 SWN Southwestern Energy Company Energy Oil Gas & Consumable Fuels 0% 3o8 CVS CVS Health Corporation Consumer Staples Food & Staples Retailing 0% 39.3 WFM Whole Foods Market, Inc. Consumer Staples Food & Staples Retailing 3% 38.7 CMG Chipotle Mexican Grill, Inc. Consume...

Chart 3: EM debt and equity have been hit Chart 4: While Banks versus Staples has gone ballistic
document IMAGES-002-HOUSE_OVERSIGHT_014436.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Chart 3: EM debt and equity have been hit Chart 4: While Banks versus Staples has gone ballistic 950 r 40 0.43 ——MSCI EM _ 900 SSW eG TRS EN LSI SEE ERG ; , ———S&P 500 Banks relative to Food & Bev 0.39 (RHS) 850 0.37 0.35 800 0.33 750 0.31 700 0.29 0.27 650 0.25 Oo Oo Wo Oo Oo Ob...

Global Cross Asset Strategy – Year Ahead
document TEXT-001-HOUSE_OVERSIGHT_014432.txt Nov 30, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

…ss Asset Strategy – Year Ahead | 30 November 2016 Chart 3: EM debt and equity have been hit Chart 4: While Banks versus Staples has gone ballistic 950 900 850 800 750 700 650 Oct-15 Nov-15 Dec-15 MSCI EM Wisdom Tree EM Local Debt Fund (RHS) Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-...

Table 19: S&P 500 companies with high (>35%) median 5-year effective tax rates and low (<10%) foreig
document IMAGES-007-HOUSE_OVERSIGHT_023088.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… Utilities Electric Utilities 0% 35.3 ZION Zions Bancorporation Financials Banks 0% 35.2 MO Altria Group, Inc. Consumer Staples Tobacco 0% 35.1 EXC Exelon Corporation Utilities Electric Utilities 0% 35.1 RSG Republic Services, Inc. Industrials Commercial Services & Supplies 0% 35...

Table 10: Tax impact from taxation of accumulated overseas profits at 10%/8.75% rates (assuming
document IMAGES-007-HOUSE_OVERSIGHT_023079.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…ings Sector Trump (10%) Blueprint (8.75%) = Trump (10%) Blueprint (8.75%) Consumer Discretionary 15 65 15 6.5 Consumer Staples 68 59 68 5.9 Energy 3.9 34 3.9 3.4 Health Care 18.7 16.4 18.7 16.4 Industrials 12.7 11.1 12.7 11.1 Information Technology 64.7 56.6 26.0 22.1 Materials...

Euro Stoxx (27 June): 217 (last month: 215)
document IMAGES-007-HOUSE_OVERSIGHT_024150.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…erence: underweight Recommendations Tactical (6 months) We continue to recommend defensive sectors. We like Consumer Staples and Healthcare. We also like the Energy sector, where the valuation is very attractive. Because of risks stemming from the sovereign debt crisis, we k...